According to Marc Shendale, VP of business development at Genworth Canada, these are 10 common first-time homebuyer mistakes.
- Thinking you don't need a real estate agent
- Getting your heart set on a home before you do your homework
- Choosing a fixer-upper because the listing price is cheaper
- Committing to more than you can afford
- Going with the first agent who finds you
- Diving into renovations as soon as you buy
- Choosing a house without researching the neighbourhood
- Researching your broker and agent, but not your lawyer
- Fixating on the lowest interest rate
- Opting out of mortgage insurance
Considering the hot market that we are in and that we will most likely continue to be in, I believe that #8 is the most important for current buyers. The entire transaction is dependent on the work of a lawyer. If you are not referred to a lawyer make sure you do your research before sending them documents.
For more info check the full article here. Great read!